ACTIVITY 1: Select two causes of risk on the following pages of the Learners Guide and give an example of the type of problem that could arise from that activity. For example "Poorly trained staff" will lead to mistakes being made that could cause economic loss to the business. ACTIVITY 2: List down 10 possible risks involved in running an agency noting against each risk who could suffer if the risk is not contained. ACTIVITY 3: Let's look at some risk area that have been identified by NSW Fair Trading and then rank them according to the table above. You should rank the risk from an office/agency point of view as well as a personal point of view. (Table is on Page 12) Be honest, because by doing this exercise you will understand where you are in relation to identifying and then eliminating risk. ACTIVITY 4: List four actions that are unlawful under the rules of conduct, and give an example to illustrate how an agency could be exposed to risk as a result of breaching the Act ACTIVITY 5: You are helping a sales agent handle the sale of a property at auction. At the last minute the sales agent is told by the Vendor to alter the settlement terms in the contract for sale from 42 days to 28 days, as they need an early settlement to complete a purchase they have made. You know that there are 6 registered bidders at the auction. 1. What is the effect of the change in the contract? 2. What should the selling agent do? 3. If the selling agent does not do what you suggest in (2) what could be the possible impact on the agency if the successful purchaser makes a claim because of the change? ACTIVITY 6: Using the format of the ATTACHMENTS A to D in the Learner Manual & at the end of this Assessment section, complete a risk analysis of one area of your agency from the following risks:- a. Not recording sufficient information to be able to substantiate the estimated selling price advised to a vendor. b. Not checking who owns a property before listing for sale or lease c. Not exchanging contracts correctly d. Not completing an ingoing inspection report correctly e. Not lodging the bond within the required time